LWML Gifts of Love Planned Giving

Bill: "Every year I pay income tax. And when I pass away my estate will owe tax. But I was absolutely stunned today to hear that I might even have to pay a gift tax! Do you mean that if I give this land to my children, there is yet another tax?" CPA Carol: "Yes, Bill, there could be a gift tax. You can make small gifts like birthday gifts without tax. But if you give a large property to your children during your lifetime, there could be a gift... More